Farmers start to take up concessional loans

The new financial year will deliver long awaited funding for the Federal Drought Concessional Loans Scheme.

As of the 1st of July $100 million will be on the table for Queensland farmers.

So far nine farmers have signed up to the scheme, since it began on June 6 however Queensland Rural Adjustment Authority CEO Colin Holden, says 120 farmers have applied for a rainfall deficiency report.

"To actually make application under the drought concessional loan [scheme] a producer must have a rainfall deficiency report from the Bureau of Meteorology.

"We've had 120 producers request those reports through us and once they receive those it's highly likely they'll translate into applications."